WikiLoan, Inc. operates a Social Network with a focus on finance. At WikiLoan.com, family and friends can borrow and lend money among themselves at rates suitable to their respective needs. The website provides repayment schedules and documentation for loans, along with proprietary administrative tools, enabling users to securely pull credit reports and automate the loan repayment process.

Through a simple process, borrowers can create a loan listing between $1,000 and $25,000. They set the rate they are willing to pay for the loan, get their WikiScore, and invite friends in their network to view the listing. Lenders then receive an invitation to view the listing and are provided with the borrower’s WikiScore, debt-to-income ratio, and the loan repayment schedule.

Once the loan is fulfilled, WikiLoan compiles the promissory note and provides it to all involved parties. The company also handles on-going notifications and provides access to online payment systems to ensure a smooth repayment process. Wikiloan generates revenues through fees for documentation, credit score checks and administrative services.

The market opportunity for WikiLoan is significant considering the ongoing financial crisis, bank consolidations and changing consumer behavior with regards to online lending, borrowing and banking. In the midst of current economic conditions, peer-to-peer lending has become one of the fastest growing sectors of the financial services industry and WikiLoan is well positioned to capitalize on its ongoing growth.

WikiLoan, Inc., pioneers in the bold new frontier of financial social networks and proprietors of WikiLoan.com – a website providing a powerful person-to-person framework for borrowing and lending – recently announced that it will begin a marketing campaign investors have been looking forward to for a long time.

Founder and CEO of WKLI Marco Garibaldi spoke of the effort and time that has gone into bringing the technology (on which this innovative new “peer-to-peer lending tools platform” is based) to maturity, and noted that the Company was finally in an ideal position, and the time finally right, to begin a marketing push.

WikiLoan.com offers family and friends a unique and comprehensive toolset for borrowing and lending money among themselves, providing repayment schedules, documentation for the loan process, and access to a proprietary suite of administrative functions which allow users to do secure credit report analysis in an intuitive environment that allows the repayment process to be automated.

Free membership on WikiLoan means users can get started right away, becoming comfortable with the tools at their disposal, which include features like the automated payment reminders, lender portfolio balance sheets, and payment schedules, as well as a complete breakdown of transaction histories and the archiving capabilities for promissory notes.

Borrowers pay a $15 fee when they create a loan listing. This process verifies their identity and initializes their WikiScore, which is derived from the borrower’s credit rating. The borrower can then invite friends to view the listings.

When an appropriate lender is found, WikiLoan compiles the Promissory Note for a $35 fee, while lenders only pay a 1/12th of 1% fee to use WikiLoan’s management tools based on the per-month adjusted outstanding principle of the loan.

The simplified, automated tools this online portal provides users an unprecedented level of efficiency and affordability. Borrowers can create a loan listing from $1,000 to $25,000 in no time at all via a simple process, and then determine the repayment rate, get their WikiScore, and start bringing in people to their network to check out the listing.

Lenders who receive an invitation can check the borrower’s WikiScore, debt-to-income ratio and loan repayment schedule all in one unified and comfortable environment where additional tools to take the process forward are right at their fingertips.

WikiLoan, Inc., a financial social network, this morning announced that it is in the final stages of negotiating for its first major revenue producing deal. According to the press release, the company may have a signed definitive agreement as early as next week.

“We are fortunate that negotiations with our first deal are progressing rapidly and look forward to announcing the details to our shareholders,” said Edward C. DeFeudis, WikiLoan’s Founder and President.